Gone are the days when people worked at one job for years until they got pension. Today, millennials are dipping their toes into several jobs redefining the art of multitasking.
Whether it’s whipping together a blog, YouTube page, or modeling workers with full-time salaried jobs, many people are increasingly relying on side hustles as a way of earning extra income.
American TV host Ryan Seacrest is an example. In addition to hosting a nationally-syndicated radio show, producing TV series like "Keeping Up with the Kardashians” and "American Idol,” he runs his own skin care and clothing line.
According to financial literacy consultant, Isaac Nkusi, rising cost of living and low salaries are some of the primary factors driving many Rwandans to start side hustles in a bid to supplement their salaries.
"The key reason is because people are not making enough money to meet their needs and also we may also not be spending our money well,” he said.
A side hustle is a gig or a venture that allows you to make money in addition to your primary job.
Ange Umulisa, who works at an advertising and communications company, juggles her work with emceeing gigs once in a while.She believes that earning a few more ‘coins’ on top of a steady income is always a plus and so sometimes the reason young people start a side hustle has more to do with having a creative outlet than anything else.
"People have different reasons. Some take up side hustles because it is a passion and something that they love to do but can’t do it full time. Others just do it to generate more money because the more money, the better your life is and the better you will improve your savings,” she says.
Charles Nkuriza Kakooza, commonly known as KNC, has also juggled jobs, including acting, journalism, pursuing a music career, in addition to running a media company.
"What keeps me motivated is leaving a mark on what I set my hands to do. Young people are often advised to avoid sticking to one kind of job because they have to discover new talents when their mental and physical ability is at their peak,” he says.
Despite the hurdles, he still believes that hard work is still worth it.
"People will discourage you, for example, some have said that I do everything myself and do not give chance to other people, but I believe that if I can do my work efficiently, why not? The youth should actually do the same and take up as many jobs as possible,” he adds.
A good way to prepare for retirement
There’s no rule that one has to wait for ages to stop working. Professionals today have found ways to accumulate enough wealth to retire as early as age 50, or even earlier.
KNC believes that it is important that everyone prepares for such a time, that moment you do not expect any pay at the end of a month. This can only be done by having a side income alongside your professional work.
"In the corporate world, often the paychecks are regular but the retirement benefits are not much. That is why it is imperative to get some side income and keep it for a time when a person no longer has the energy to work, KNC says.
He adds that it is not easy, but with some hard work, discipline, and the right financial mindset it can be done.
"It’s all about having the discipline, setting goals and being able to switch quickly. Young people should work hard and prepare for a decent retirement by maximizing their savings and invest in passive income because when you retire you cannot work as efficiently and therefore have to depend on your passive income”.
Are side hustles gendered?
Several studies have shown that men do much more negotiation of their incomes than women do and according Umulisa, that trend may also be true in the gig economy.
"It’s harder for women to balance a full time job and a gig because they have more responsibilities and if you have a family it’s tricky to juggle all responsibilities,” she says.
She believes, however, that juggling many jobs is possible since all it takes is organising yourself, planning ahead of time and giving each of the responsibilities its due time.
"It’s not easy but then it all comes down to what you want and what you want to accomplish,” she says.
Shamsi Kazimbaya, a gender activist on the other hand, does not agree that men tend to juggle side hustles more, as the belief is mostly gendered.
"In reality women have more responsibilities than men, but they too juggle side hustles. It is just that men’s jobs are more visible because they have more time and resources to invest in them.
The women on the other hand tend to work longer hours, given most of the jobs like secretarial and cleaning are mostly done by women. Women too do side jobs but are more visible when it comes to responsibilities in the home,” she says.
She adds that the best way to close this gap is by increasing women empowerment.
Striking a balance
It is almost every corporate person’s wish to have a side income but with several side businesses failing because they are started on a basis of trial and error,the wish is usually far from reality; choosing the path of entrepreneurship, and working on your side business idea. It is without a doubt riskier than being content with holding a 9-5 job.
According to Arnold Sanow, the co-author of You Can Start Your Own Business, you must learn to distinguish between your job and your side-business.
For instance, when at work, your whole dedication should be towards your employer. In the same vein, he says, you must not use your employer’s resources to run your business, even if they are telephones or cars.
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